Echo Energy says 2018 work programme to commence in March
Source - SMW
Echo Energy plc said its 2018 work programme will commence March 2018 with 3 back-to-back workovers of existing wells on Fraccion D which will then be followed by 4 back-to-back exploration wells on Fraccion C and Laguna De Los Capones.
Drilling each well is expected to take approximately 15 days and cost some US$1.8M on a dry hole basis, with completion costs of around US$1.0M. Drilling and environmental permits for the wells are very advanced, with approval for the first well already complete and permits for the other wells likely to be approved by April 2018.
The company is also simultaneously initiating a seismic programme as it looks to unlock the potential of its highly prospective Tapi Aike exploration block where the Competent Person's Report identified an inventory of 41 leads, across three independent play types, including five individual leads each in excess of 1 Tcf and up to 3.8 Tcf.
Fiona MacAulay, Chief Executive of Echo, said: 'I am delighted to report that we are making real progress as we move towards the commencement of our operational programme this year. It is very pleasing that we have been able to move so rapidly to the operational phase after the completion of the transaction to enter Argentina.'
At 10:01am: (LON:ECHO) Echo Energy Plc share price was 0p at 12.8p